What happened
Shares of the large Chinese tech conglomerate Alibaba Group (BABA 0.64%) traded more than 4.5% higher in the final hour of trading today, as the company rolled out its version of the generative artificial intelligence technology ChatGPT.
So what
Founded by the company OpenAI, ChatGPT is a chatbot that can gather information and form human-like responses to questions. The AI technology can also create a variety of different content with accuracy and creativity not yet previously seen. Companies that have rolled out their own version of the technology or announced that they plan to incorporate the technology into their business tend to see their stock prices rise on investor excitement.
Alibaba today released its ChatGPT bot, Tongyi Qianwen, which will be integrated into a digital assistant called Tingwu. Alibaba said Tongyi Qianwen will be able to process video and audio content and then create a text summary of what happened in that content.
Alibaba Cloud Intelligence Chief Technology Officer Jingren Zhou said in a statement:"We live at a time when a growing amount of video and audio content is being consumed in various formats every day. In line with this, Tongyi Tingwu aims to use the large language model to facilitate faster and better comprehension and easier sharing of multimedia content."
Alibaba also said it will unveil other features of its ChatGPT technology later this year, including the ability to analyze and translate multimedia content from Chinese to English and vice versa. In addition, Alibaba told CNBC that it plans to develop custom generative AI solutions for corporate cloud customers.
Now what
Alibaba is one of the largest tech companies in the world, and ChatGPT technology is clearly going to be a game changer, so it's no surprise the company is already off and running.
Investors clearly believe that Alibaba can be a winner in the space, so its progress in already rolling out the technology certainly bodes well for the company.
